The savings rate at NUVO Bank & Trust Co. in Springfield, Mass., is a quarter percentage point lower than it was about a year ago.

And yet, it still pays nearly half a percentage point more than the best nationally available deal.

With a minimum deposit of $10, the bank’s Growth Savings Account pays 1.77% APY on balances up to $24,999. It pays 0.50% APY on the portion of the balance greater than $25,000.

That tiered rate also is down a quarter percentage point from last year. But both are well more than you’d earn at most banks.

You can apply for an account in person at NUVO Bank’s single location, 1500 Main St., Springfield, or online at www.nuvobank.com.

Sorry, this great rate isn’t available nationally. The online form restricts new account openings to people who live in the ZIP codes near this bank.

This savings account pays well more than any of NUVO’s CD rates, with the exception of the 5-year CD, offered at 2.02% APY. Of course, the downside to savings accounts is rates aren’t fixed.

Still, NUVO has maintained rates well above the best nationally available deals on savings accounts.

While you aren’t required to have a checking account with NUVO Bank, a bank official tells us it’s recommended.

If you have a NUVO checking account, you can transfer money from your savings account to your checking account as often as you wish. Without the checking account, you’re limited to six debits per statement cycle.

Even the NUVO checking and NUVO checking with direct deposit accounts pay a noteworthy rate. You earn 0.25% APY for balances below $1,000; 0.50% APY for balances between $1,000 and $9,999; 0.75% APY for balances between $10,000 and $24,999; and 1.01% APY on balances of $25,000 and above.

The checking accounts carry no monthly fees, and if you have direct deposit or keep a combined minimum balance of $1,000 in your accounts, foreign ATM fees are waived.

NUVO also sweetens the pot by paying you $10 for every automatic online bill payment you set up, up to $100.

If you don’t live near Springfield, Mass., your best choice is UFB Direct’s (www.ufbdirect.com) Airline Rewards Savings Account, which pays 1.30% APY and also gives you free airline miles.

UFB Direct is part of Bank of Internet USA in San Diego, and you need a $100 minimum deposit to open an account.